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Investors need to brace themselves for whatever the Federal Reserve throws at us next, Jim Cramer told his Mad Money viewers Thursday. Today's market signaled that most investors feel there will only be one coming interest rate hike, but that might not be the case tomorrow.

Cramer said younger investors might not understand why the Fed matters so much to the stock market but for older investors, safer investments that offer income and yield are what matters most. Traditionally that meant bonds but with interest rates near zero, investors fled to dividend-paying stocks.

Whether that was safe dividend stocks like Procter & Gamble (PG - Get Report) , or high-yielding stocks like Kinder Morgan (KMI - Get Report) or emerging market funds, if it has a yield, it's likely gone up over the past few years.

But if the Fed raises interest rates multiple times, making bonds competitive again, then all three of these dividend-paying stocks will be at risk, Cramer said. Investors will flock to the safety of bonds over stocks that could lose principal.

That's why it matters if the markets expect the Fed to only raise once then pause, or has plans to raise rates multiple times in 2016. Today the one-and-done crowd prevailed but that will likely change in the days ahead.

Executive Decision: Steve King

For his "Executive Decision" segment, Cramer spoke with Steve King, CEO of Dave and Buster's Entertainment (PLAY - Get Report) , the dining chain with 79 locations that are part-restaurant, part-sports bar and part-video game arcade.

King said Dave and Buster's is a much more predictable company than the last time it was a publicly traded company. He said there are new systems in place, a new culture and over $65 million worth of renovations to their venues.

King added that since the company was taken private a few years ago, gaming and especially casual gaming is more accepted in our culture, which only makes Dave and Buster's more attractive.

When asked about the specifics of the business, King noted that 52% of sales stem from amusements, which carries 86% gross margins. Liquor sales are also a sizable part of the business. Additionally, King said sports has become increasingly important as it has National Football League partnerships in select cities for pre-game activities.

'Cheap' Commodities

When you're dealing with commodities, "cheap" is not in the eye of the beholder, it's in the eye of the market, Cramer told viewers. He quoted a December 2014 article that suggested Freeport-McMoRan (FCX - Get Report) was too cheap to sell given how low commodity prices were at the time.

Since that article shares of Freeport have fallen an astounding 68% from their already depressed levels. Sometimes the negative sentiment is just right, Cramer argued. Freeport continues to struggle under the pressure of commodity prices and the $20 billion in debt it took on to purchase Plains All American in 2012.

Oversupply and lack of demand is what matters, Cramer concluded, and Freeport could still fall further than $7 a share.

Off the Tape

In his "Off the Tape" segment, Cramer sat down with Bastian Lehmann, co-founder and CEO of the privately held Postmates, the courier delivery service that aims to be the anti-Amazon.com (AMZN - Get Report) .

Lehmann explained that while Amazon ships products from centralized warehouses, cutting out local merchants, Postmates aims to connect customers directly with local merchants and restaurants.

When asked about the value proposition, Lehmann said customers get the items they want in just a few minutes while the merchants get the ability to be closer to their customers and interact with them in news ways. The couriers get an excellent way to earn extra income.

Lehmann said Postmates makes a profit on every delivery made and has gross margins of 20%. The company is not losing money in order to grow, as many companies in the dot-com bubble did. Postmates has 4,000 in-network merchants but can also deliver items and food from out-of-network locations as well.

Lightning Round

In the Lightning Round, Cramer was bullish on RR Donnelley (RRD - Get Report) , T-Mobile US (TMUS - Get Report) , Radius Health (RDUS - Get Report) and Wells Fargo (WFC - Get Report) .

Cramer was bearish on Staples (SPLS) , Transocean (RIG - Get Report) , Sprint (S - Get Report) , Canadian Pacific Railway (CP) and Annaly Capital (NLY - Get Report) .

Am I Diversified?

In the "Am I Diversified?" segment, Cramer spoke with callers and responded to tweets sent via Twitter to @JimCramer to see if investors' portfolios have what it takes for today's markets.

The first portfolio included Restoration Hardware (RH - Get Report) , Apple (AAPL - Get Report) , Blackstone (BX - Get Report) , Cypress Semiconductor (CY - Get Report) and Facebook (FB - Get Report) .

Cramer said this portfolio had too much technology and suggested adding Bristol-Myers Squibb (BMY - Get Report) and General Electric (GE - Get Report) to add some drug and industrial exposure.

The second portfolio's top holdings included Apple, PPG (PPG - Get Report) , Facebook, Home Depot (HD - Get Report) and Starbucks (SBUX - Get Report) .

Cramer said this portfolio also had too much tech with both Apple and Facebook so he suggested adding Pfizer (PFE - Get Report) .

The third portfolio had Alcoa (AA - Get Report) , Bank of America (BAC - Get Report) , Walt Disney (DIS - Get Report) , Match (MTCH - Get Report) and Petrobras (PBR - Get Report) as its top five stocks.

Cramer said Petrobras was too close to Alcoa so he recommended adding Eli Lilly (LLY - Get Report) , another drug maker.

The fourth portfolio's top stocks were Boeing (BA - Get Report) , Potash (POT) , Cracker Barrel (CBRL - Get Report) , Under Armour (UA - Get Report) and New Residential Investment (NRZ - Get Report) .

Cramer advised selling New Residential and Potash and adding DuPont (DD - Get Report) and Bank of America.

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At the time of publication, Cramer's Action Alerts PLUS had a position in AAPL, BAC, FB, LLY, SBUX and WFC.